GDP: Fiddling with the most powerful metric in history
Published 02/10/2016 | 02:30
Gross domestic product has been described as the most powerful metric in history.
Since its invention (in depression-era America, where it was created with a view to better understanding what was happening in a collapsing economy), it has gone from strength to strength over decades.
But more recently, misgivings from various quarters are more frequently heard. One of the main criticisms of GDP is that output and production measures may not give a good guide to what is happening to people's incomes.